DecaMillionaire Decoded Understanding the Legal Aspects of Business Entities
The type of Entity that you pick for business will have many legal pros and cons. Taxes, varying degrees of liability, and types of protection are all affected by your business entity. Consulting with your team’s legal expert will help you decide which one best suits your small businesses needs. Justin goes over the differences between the various entities with legal expert Lee Popkin of Long, Ragsdale & Waters.
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TIME INDEX:
00:31 - What Entity Should a Business Owner Choose?
03:35 - A Brief History of Entities
04:10 - Corporations
04:50 - Limited Partnerships
06:18 - LLCs
09:55 - S Corps
11:14 - The Difference Between LLC & S Corp, Asset Protection
16:01 - Tax Benefits
18:59 - Effect of the New Tax Bill on Small Businesses
21:05 - Choosing Between an LLC and S Corp Based on Tax
23:15 - How to Determine Which Entity Suits Your Business Needs
24:43 - How Much Does this Expertise Cost?
26:46 - Getting Guidance from Your Team
28:26 - Closing Remarks
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BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
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The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
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